Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$981/mo
Lowest payment- Down payment
- $266,465
- Funds due
- $276,691
- Interest + MI left
- $38,014
- First ends
- Jun 2042
Assumption
Assumption + second
$2,636/mo
+$1,655/mo- Down payment
- $35,465
- Funds due
- $47,383
- Interest + MI left
- $402,782
- First ends
- Jun 2042
New loan
New conventional
$2,484/mo
+$1,503/mo- Down payment
- $35,465
- Funds due
- $44,012
- Interest + MI left
- $459,902
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $83,535 | $83,535 | $314,535 |
| Second mortgage | — | $231,000 | — |
| First P&I | $601.26 | $601.26 | $2,130.77 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | $89.75 | $89.75 | $62.91 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $981.01 | $2,635.92 | $2,483.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,465
Closing costs & prepaids$11,918
Usable credit−$0
Total buyer cash needed$47,383
Earnest money paid−$0
Remaining funds due$47,383
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$420.00
Prepaid interest, first (9 days)$81.36
Prepaid interest, second (9 days)$441.43
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing15 yr 6 moOf the original 30-year loan at 3.95%
Interest already paid$61,450Through Dec 2026
Assumption only · ends Jun 2042$38,014
Assumption + second · ends Jun 2042, second Jan 2057$402,782
New conventional · ends Jan 2057$459,902